5.) Illinois The cheapest real
estate market on the list, Illinois is a great choice for homebuyers on a budget! Median Home Price: $147,800 Photo Credit: Flickr/Mindfrieze
Illinois • 1 in every
811 housing units in Illinois received a foreclosure notice in February • According to Zillow, Illinois’ market is rated a 0.6 out of 10 in terms of overall “healthiness” • It takes almost two years to foreclose on a home in Illinois, so there will be inventory hitting the market for some time now. • When you combine these facts with the average home sitting on the market for more than four months, buyers definitely have the power to seek out some good deals.
4.) New Jersey • Not
only is NJ one of the more expensive housing markets, but property taxes make home affordability difficult for many people Median Home Price: $274,800 Photo Credit: Tim Kiser
New Jersey • 1 in
every 739 housing units in New Jersey received a foreclosure notice in February • According to Zillow, New Jersey has a “healthy” real estate market, rated 6.9/10 • It takes almost three years to foreclose on a home in New Jersey, so there will be inventory hitting the market for some time now. • Because it takes so long to foreclose, banks wait for as long as they can before pursuing the lengthy and expensive process, which is why we are still seeing lots of activity.
3.) Nevada • Nevada was
one of the hardest-hit states by the mortgage crisis, with home values still down by more than 44% from the peak Median Home Value: $176,200
Nevada • 1 in every
633 housing units in Nevada received a foreclosure notice in February • According to www.realtytrac.com, the vast majority of bank-owned properties in Nevada are priced between $100-200k • The majority of foreclosed homes were built after 1990, which means that homebuyers can get good deals on newer homes in lower price ranges.
Maryland • 1 in every
557 housing units in Maryland received a foreclosure notice in February • Although Maryland’s median home value is $241,300, the majority of foreclosed homes are in the $100-200k range • The majority of foreclosed homes were built before 1959, so prospective buyers need to take the additional maintenance requirements of older homes into consideration.
1.) Florida • Just like
Nevada, Florida was especially affected by the mortgage crisis. Median Home Price: $154,400 p PPPhoto Credit: flickr/anoldent
Florida • 1 in every
372 housing units in Florida received a foreclosure notice in February • To put this in perspective, if this trend continued every month, this means that 3.2% of Florida’s homes will go into foreclosure each year! • Some parts of Florida have much higher foreclosure rates. For example, in Flagler county, 1 in 187 homes entered foreclosure in February alone.
Why look at foreclosures? •
According to sales data, foreclosed homes sell for about 28% less than traditional sales Photo: Jeff Turner